Business
Taxpayers to foot $1.3 billion bill from ‘tidal wave’ of failed businesses – Sydney Morning Herald
Departmental forecasts predict a wave of companies will fail without enough money to cover wages, which has been held off by JobKeeper and bankruptcy changes.
In total the figures predict the scheme will cost $1.3 billion in the next three years and 119,317 people will make a claim for outstanding wages, holiday pay and long service leave by 2023-24.
Departmental officials cautioned that the figures, which were calculated in April before the government unveiled its full set of stimulus and anti-bankruptcy measures, had so far proven to be too pessimistic, with 9728 claims forecast for this point in the year but only 1406 made.
Along with JobKeeper, the…
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